Canada Emergency Commercial Rent Assistance (CECRA): opens at 8:00 a.m. EST on May 25, 2020. Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19.
Benefits payments for eligible Canadians to continue until Fall 2020
Canada Emergency Wage Subsidy that would cover 75 per cent of salaries for qualifying businesses, for up to 3 months, retroactive to March 15, 2020.
The deadline to file your Canadian personal income tax return has been extended from April 30, 2020 to June 1, 2020.
The deadline to pay all outstanding balances for tax year 2019 has been extended to August 31, 2020.
Are you a Canadian student or recent graduate applying for the Canada Emergency Student Benefit (CESB) but have never filed a tax return?
Canada Emergency Student Benefit (CESB): eligible postsecondary students receive $1,250 a month from May to August, and if you are taking care of someone else or have a disability, that amount increases to $2,000 monthly.
If you need to repay a Canada Emergency Response Benefit (CERB) payment, you can do it with a few simple clicks using My Account. You can also mail a cheque or money order to the CRA.
Find the support you need for your business by answering a few questions to get a personalized list of support.
Did you know…
You can claim travel expenses for medical reasons (at least 40 km one way)
As a small token of our appreciation, Accounting Plus wants to contribute their professional expertise to help prepare frontline healthcare workers’ 2019 taxes.
Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
Wondering what COVID19 support is available to you? Check our website for details
Sign Up for Direct Deposit: So Get Your Money Quicker
Accounting Plus will not be offering any in-person appointments, nor will be able to process physical documents in a timely fashion, until April 5, 2020.
You may have mistakenly applied for the CERB twice. Don’t worry, CRA will contact you shortly. Any other combination of payments means you were paid accurately.
We are specialists in Canadian taxation, and advise individuals on their tax affairs.
With Accounting Plus, you have accountants who are working hard to ensure you pay the lowest tax legally possible.
Ontario: Child Support: $200 per child. Check our website for details
Wondering what COVID19 support is available to you? Check our website for details
Until August 31st, 2020, we will recognize a Form T183 or T183CORP that has an electronic signature as meeting the signature requirements of the Income Tax Act.
File your tax returns as soon as possible; you’ll get your money sooner
Want to apply Canada Emergency Response Benefit (CERB) but do not know how to register CRA MyAccount? Here is the instruction
The 2019 federal budget introduced a non-refundable tax credit equal to 15 percent of your subscription costs, for all subscriptions purchased from 2020 through 2024.
If you get a text message saying you received a deposit for the Canada Emergency Response Benefit. Beware it is a scam!
Canada is providing financial support to those affected by COVID-19.
The deadline to file your income tax and benefit return was extended from April 30th to June 1st, 2020!
Financial Measures From the Government of Canada in response to COVID-19
CRA has created an online verification tool that every taxpayer can access through CRA’s website.
Did you know…The relationship between disability tax credit (DTC) & Home Buyer’s Plan (HBP)?
The 2020 tax season will kick off on February 24, 2020
The deadline to file personal taxes for most Canadians is April 30, 2020
If you have a child who is 18 or over, it Is beneficial to file their tax return.
Do you know……you don’t have to wait for Notice of Assessment or reassessment if you file tax with Accounting Plus Financial Services!
Starting today, you can file your taxes online. Don’t forget to file by April 30th to get your credits and benefits!
Interest on money borrowed to make your RRSP contribution is not deductible for tax purposes.
You can claim the following childcare expenses incurred in the tax year: Caregivers, daycare centres and more.
We’d like to say “thanks for being such a great client”
by offering a 2020 Tax Season Special this year
Prepare your personal tax returns with us from March 1, 2020 to March 31, 2020. And get 10% off!
Book an appointment now
RDSPs are very similar to RESPs. Just like RESP – contributions are not tax-deductible, investment income accumulates on a tax-deferred basis.
You may transfer RRSP fund from one RRSP to another without getting taxes.
Did you know… RRSP gives you tax deferral which is great but once you make a contribution to your RRSP, you no longer have the money available to reinvest to your business.
Did you know… you can re-contribute amounts withdrawn from your TFSA without affecting your contribution room.
Did you know… As an employer, you are required to give your employees or recipients their T4 slips and file their information returns with the CRA on or before the last day of February.
Did you know CRA has a non resident calculator resource on their site? This might give you an estimate amount of what you need to report.
Tax Tip – Interest on the money you borrow in many cases is not deductible.
If you are negotiating a separation agreement, you should ensure that you are setting apart the child support component from the alimony.
You are allowed to have more than one TFSA however it is your responsibility to ensure you are not over-contributing.
If you are thinking of contributing to a spousal RRSP, there is definitely an advantage.
Starting Jan. 1, 2020, eligible workers aged 25 to 65 will accumulate a credit balance of $250 a year, up to a $5,000 maximum lifetime limit.
Why it’s wise to file taxes even if you don’t have income.
Tax Tip – Marital Status. There are few ways to let the CRA know if your marital status has changed.
You can claim expenses for travel for medical reasons (at least 40km one way) if the following conditions are met.
Did you know, similar to RRSP, TFSA cannot be held jointly with your spouse. It has to be held on individual basis.
If a family member has provided services for your business in 2019 ask us for advice on paying your family members.
If you hope to sell an investment at a loss in this year to offset the loss against capital gains, the settlement date – not the trade date – is what matters.
Now is the Time to Record Your Vehicle’s Odometer Reading!
Did you know…After-school programs might can qualify as an eligible childcare expense?
Did you know a non-resident of Canada is subject to Canadian income tax? Learn more…
Certain expenses made by December 31, 2019 will be eligible for 2019 tax deductions or credits.
If you own a business or rental property, consider paying a reasonable salary to family members for services rendered.
A senior whose 2019 net income exceeds $77,580 will lose all, or part, of their Old Age Security pension.
A Registered Disability Savings Plan (RDSP) may be established for a person who is under the age of 60 and eligible for the Disability Tax Credit.
